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Side-by-side financial comparison of IMAX CORP (IMAX) and Varex Imaging Corp (VREX). Click either name above to swap in a different company.
Varex Imaging Corp is the larger business by last-quarter revenue ($209.6M vs $125.2M, roughly 1.7× IMAX CORP). Varex Imaging Corp runs the higher net margin — 1.1% vs 0.5%, a 0.6% gap on every dollar of revenue. On growth, IMAX CORP posted the faster year-over-year revenue change (35.1% vs 4.9%). IMAX CORP produced more free cash flow last quarter ($28.0M vs $-26.8M). Over the past eight quarters, IMAX CORP's revenue compounded faster (25.8% CAGR vs 0.8%).
IMAX Corporation is a Canadian production theatre company which designs and manufactures IMAX cameras and projection systems as well as performing film development, production, post-production and distribution to IMAX-affiliated theatres worldwide. Founded in Montreal in 1967, it has headquarters in the Toronto area, and operations in New York City and Los Angeles.
Varex Imaging Corp is a global supplier of advanced imaging components and solutions, including X-ray tubes, digital flat panel detectors, and image processing software. Its products serve medical imaging, radiation oncology, and industrial non-destructive testing segments, with customers across key global markets.
IMAX vs VREX — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $125.2M | $209.6M |
| Net Profit | $637.0K | $2.3M |
| Gross Margin | 57.6% | 33.3% |
| Operating Margin | 19.3% | 7.3% |
| Net Margin | 0.5% | 1.1% |
| Revenue YoY | 35.1% | 4.9% |
| Net Profit YoY | -88.0% | 866.7% |
| EPS (diluted) | $0.02 | $0.05 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $209.6M | ||
| Q4 25 | $125.2M | $228.9M | ||
| Q3 25 | $106.7M | $203.0M | ||
| Q2 25 | $91.7M | $212.9M | ||
| Q1 25 | $86.7M | $199.8M | ||
| Q4 24 | $92.7M | — | ||
| Q3 24 | $91.5M | $205.7M | ||
| Q2 24 | $89.0M | $209.1M |
| Q1 26 | — | $2.3M | ||
| Q4 25 | $637.0K | $12.2M | ||
| Q3 25 | $20.7M | $-89.1M | ||
| Q2 25 | $11.3M | $6.9M | ||
| Q1 25 | $2.3M | $-300.0K | ||
| Q4 24 | $5.3M | — | ||
| Q3 24 | $13.9M | $-51.1M | ||
| Q2 24 | $3.6M | $1.4M |
| Q1 26 | — | 33.3% | ||
| Q4 25 | 57.6% | 34.0% | ||
| Q3 25 | 63.1% | 33.3% | ||
| Q2 25 | 58.5% | 36.0% | ||
| Q1 25 | 61.4% | 34.3% | ||
| Q4 24 | 52.2% | — | ||
| Q3 24 | 55.8% | 32.6% | ||
| Q2 24 | 49.4% | 32.0% |
| Q1 26 | — | 7.3% | ||
| Q4 25 | 19.3% | 8.6% | ||
| Q3 25 | 27.2% | -39.8% | ||
| Q2 25 | 15.6% | 10.4% | ||
| Q1 25 | 19.3% | 5.6% | ||
| Q4 24 | 10.3% | — | ||
| Q3 24 | 21.2% | 5.3% | ||
| Q2 24 | 3.2% | 4.4% |
| Q1 26 | — | 1.1% | ||
| Q4 25 | 0.5% | 5.3% | ||
| Q3 25 | 19.4% | -43.9% | ||
| Q2 25 | 12.3% | 3.2% | ||
| Q1 25 | 2.7% | -0.2% | ||
| Q4 24 | 5.7% | — | ||
| Q3 24 | 15.2% | -24.8% | ||
| Q2 24 | 4.0% | 0.7% |
| Q1 26 | — | $0.05 | ||
| Q4 25 | $0.02 | $0.29 | ||
| Q3 25 | $0.37 | $-2.15 | ||
| Q2 25 | $0.20 | $0.17 | ||
| Q1 25 | $0.04 | $-0.01 | ||
| Q4 24 | $0.09 | — | ||
| Q3 24 | $0.26 | $-1.25 | ||
| Q2 24 | $0.07 | $0.03 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $151.2M | $125.6M |
| Total DebtLower is stronger | — | $367.6M |
| Stockholders' EquityBook value | $337.9M | $476.9M |
| Total Assets | $894.0M | $1.1B |
| Debt / EquityLower = less leverage | — | 0.77× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $125.6M | ||
| Q4 25 | $151.2M | $155.1M | ||
| Q3 25 | $143.1M | $152.6M | ||
| Q2 25 | $109.3M | $223.0M | ||
| Q1 25 | $97.1M | $212.6M | ||
| Q4 24 | $100.6M | — | ||
| Q3 24 | $104.5M | $200.5M | ||
| Q2 24 | $91.6M | $190.0M |
| Q1 26 | — | $367.6M | ||
| Q4 25 | — | $367.5M | ||
| Q3 25 | — | $367.5M | ||
| Q2 25 | — | $567.2M | ||
| Q1 25 | — | $567.0M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $443.4M | ||
| Q2 24 | — | $443.1M |
| Q1 26 | — | $476.9M | ||
| Q4 25 | $337.9M | $472.6M | ||
| Q3 25 | $349.5M | $455.3M | ||
| Q2 25 | $320.4M | $549.7M | ||
| Q1 25 | $299.5M | $540.2M | ||
| Q4 24 | $299.5M | — | ||
| Q3 24 | $289.4M | $529.1M | ||
| Q2 24 | $267.2M | $581.2M |
| Q1 26 | — | $1.1B | ||
| Q4 25 | $894.0M | $1.1B | ||
| Q3 25 | $889.6M | $1.1B | ||
| Q2 25 | $868.6M | $1.4B | ||
| Q1 25 | $848.3M | $1.3B | ||
| Q4 24 | $830.4M | — | ||
| Q3 24 | $847.6M | $1.2B | ||
| Q2 24 | $827.4M | $1.3B |
| Q1 26 | — | 0.77× | ||
| Q4 25 | — | 0.78× | ||
| Q3 25 | — | 0.81× | ||
| Q2 25 | — | 1.03× | ||
| Q1 25 | — | 1.05× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.84× | ||
| Q2 24 | — | 0.76× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $29.4M | $-16.1M |
| Free Cash FlowOCF − Capex | $28.0M | $-26.8M |
| FCF MarginFCF / Revenue | 22.3% | -12.8% |
| Capex IntensityCapex / Revenue | 1.1% | 5.1% |
| Cash ConversionOCF / Net Profit | 46.11× | -7.00× |
| TTM Free Cash FlowTrailing 4 quarters | $118.9M | $-13.3M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $-16.1M | ||
| Q4 25 | $29.4M | $7.9M | ||
| Q3 25 | $67.5M | $7.7M | ||
| Q2 25 | $23.2M | $16.6M | ||
| Q1 25 | $7.0M | $9.5M | ||
| Q4 24 | $11.5M | — | ||
| Q3 24 | $35.3M | $25.9M | ||
| Q2 24 | $35.0M | $8.0M |
| Q1 26 | — | $-26.8M | ||
| Q4 25 | $28.0M | $2.3M | ||
| Q3 25 | $64.8M | $1.4M | ||
| Q2 25 | $20.9M | $9.8M | ||
| Q1 25 | $5.3M | $5.3M | ||
| Q4 24 | $6.9M | — | ||
| Q3 24 | $34.2M | $19.9M | ||
| Q2 24 | $33.5M | $3.3M |
| Q1 26 | — | -12.8% | ||
| Q4 25 | 22.3% | 1.0% | ||
| Q3 25 | 60.7% | 0.7% | ||
| Q2 25 | 22.8% | 4.6% | ||
| Q1 25 | 6.1% | 2.7% | ||
| Q4 24 | 7.4% | — | ||
| Q3 24 | 37.3% | 9.7% | ||
| Q2 24 | 37.6% | 1.6% |
| Q1 26 | — | 5.1% | ||
| Q4 25 | 1.1% | 2.4% | ||
| Q3 25 | 2.6% | 3.1% | ||
| Q2 25 | 2.6% | 3.2% | ||
| Q1 25 | 1.9% | 2.1% | ||
| Q4 24 | 5.0% | — | ||
| Q3 24 | 1.2% | 2.9% | ||
| Q2 24 | 1.8% | 2.2% |
| Q1 26 | — | -7.00× | ||
| Q4 25 | 46.11× | 0.65× | ||
| Q3 25 | 3.27× | — | ||
| Q2 25 | 2.06× | 2.41× | ||
| Q1 25 | 2.99× | — | ||
| Q4 24 | 2.16× | — | ||
| Q3 24 | 2.54× | — | ||
| Q2 24 | 9.78× | 5.71× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
IMAX
| Technology Sales | $46.6M | 37% |
| Image Enhancement And Maintenance Services | $38.1M | 30% |
| Joint Revenue Sharing Arrangement | $20.4M | 16% |
| Maintenance | $16.3M | 13% |
| Finance Income | $2.8M | 2% |
| Other Content Solutions | $1.6M | 1% |
VREX
| Medical Segment | $144.8M | 69% |
| Industrial Segment | $64.8M | 31% |
